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PASS
The final review score is indicated as a percentage. The percentage is calculated as Achieved Points due to MAX Possible Points. For each element the answer can be either Yes/No or a percentage. For a detailed breakdown of the individual weights of each question, please consult this document.
Very simply, the audit looks for the following declarations from the developer's site. With these declarations, it is reasonable to trust the smart contracts.
This report is for informational purposes only and does not constitute investment advice of any kind, nor does it constitute an offer to provide investment advisory or other services. Nothing in this report shall be considered a solicitation or offer to buy or sell any security, token, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this report constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this report should not be taken as advice to buy, sell or hold any security. The information in this report should not be relied upon for the purpose of investing. In preparing the information contained in this report, we have not taken into account the investment needs, objectives and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors.
Any views expressed in this report by us were prepared based upon the information available to us at the time such views were written. The views expressed within this report are limited to DeFiSafety and the author and do not reflect those of any additional or third party and are strictly based upon DeFiSafety, its authors, interpretations and evaluation of relevant data. Changed or additional information could cause such views to change. All information is subject to possible correction. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.
This completed report is copyright (c) DeFiSafety 2023. Permission is given to copy in whole, retaining this copyright label.
This section looks at the code deployed on the relevant chain that gets reviewed and its corresponding software repository. The document explaining these questions is here.
1. Are the smart contract addresses easy to find? (%)
2. How active is the primary contract? (%)
Contract 0x7c06792af1632e77cb27a558dc0885338f4bdf8e is used 5 times a day, as indicated in the Appendix.
3. Does the protocol have a public software repository? (Y/N)
Opyn uses Github.
4. Is there a development history visible? (%)
Opyn has an adequate development history at 360 commits and 14 branches. Data found here.
5. Is the team public (not anonymous)?
The team is public. Where we found the team is documented in our team appendix at the end of this report.
This section looks at the software documentation. The document explaining these questions is here.
6. Is there a whitepaper? (Y/N)
Location: https://opyn.gitbook.io/opyn/
7. Is the protocol's software architecture documented? (Y/N)
This protocol's software architecture is documented here.
8. Does the software documentation fully cover the deployed contracts' source code? (%)
There is adequate software documentation of all functions of the deployed code in their GitHub.
9. Is it possible to trace the documented software to its implementation in the protocol's source code? (%)
Opyn lists and describes their important software functions, and provide implicit traceability. In order to obtain 100%, Opyn will have to provide direct links to their smart contracts' source code location in their GitHub in their respective emplacements within their documentation.
10. Has the protocol tested their deployed code? (%)
Code examples are in the Appendix at the end of this report.. As per the SLOC, there is 1000% testing to code (TtC). This score is guided by the Test to Code ratio (TtC). Generally a good test to code ratio is over 100%. However, the reviewer's best judgement is the final deciding factor.
11. How covered is the protocol's code? (%)
Code is almost fully covered at 98.262%.
12. Does the protocol provide scripts and instructions to run their tests? (Y/N)
Scripts/Instructions location: https://github.com/opynfinance/GammaProtocol#running-tests
13. Is there a detailed report of the protocol's test results?(%)
Opyn's code coverage can be found from their GitHub at https://github.com/opynfinance/GammaProtocol#gamma-protocol--.
14. Has the protocol undergone Formal Verification? (Y/N)
Opyn has undergone formal verification.
15. Were the smart contracts deployed to a testnet? (Y/N)
Opyn has been deployed to a testnet.
This section looks at the 3rd party software audits done. It is explained in this document.
16. Is the protocol sufficiently audited? (%)
Multiple audits have been performed and documented before and after deployment. Findings are public and multiple fixes were deployed.
17. Is the bounty value acceptably high (%)
Opyn offers two bug bounties: up to $1m for Squeeth, and up to $900k for Gamma.
This section covers the documentation of special access controls for a DeFi protocol. The admin access controls are the contracts that allow updating contracts or coefficients in the protocol. Since these contracts can allow the protocol admins to "change the rules", complete disclosure of capabilities is vital for user's transparency. It is explained in this document.
18. Is the protocol's admin control information easy to find?
Admin Controls are clearly labelled here. This took some looking.
19. Are relevant contracts clearly labelled as upgradeable or immutable? (%)
Opyn's admin control information clearly mentions upgradeability of smart contracts. However, the extent thereof is vaguely described as "modules" and does not explicitly detail which particular smart contracts are upgradeable or not.
20. Is the type of smart contract ownership clearly indicated? (%)
Ownership types are identified for each contract in these control flow diagrams.
21. Are the protocol's smart contract change capabilities described? (%)
The documentation covers the capabilities for change for some smart contracts, but not all of them.
22. Is the protocol's admin control information easy to understand? (%)
Admin control information is very easy to understand and in non-software specific language.
23. Is there sufficient Pause Control documentation? (%)
Opyn's partial and full pause control is documented and explained in this location. There is no evidence of testing but capabilities are partially described.
24. Is there sufficient Timelock documentation? (%)
No Timelock information was documented.
25. Is the Timelock of an adequate length? (Y/N)
No Timelock information was documented.
This section goes over the documentation that a protocol may or may not supply about their Oracle usage. Oracles are a fundamental part of DeFi as they are responsible for relaying tons of price data information to thousands of protocols using blockchain technology. Not only are they important for price feeds, but they are also an essential component of transaction verification and security. These questions are explained in this document.
26. Is the protocol's Oracle sufficiently documented? (%)
Opyn's oracle source is fully documented at this location. The contracts dependent are all identified. There is relevant software function documentation. However, there is lack of detail regarding the feeds' timeframes/refresh rates of data.
27. Is front running mitigated by this protocol? (Y/N)
Opyn does not mention front running or does not document any countermeasure against it.
28. Can flashloan attacks be applied to the protocol, and if so, are those flashloan attack risks mitigated? (Y/N)
Opyn's documentation describes the mitigation of flash mint exploits here. - "Collateralization is checked at the end of all of these operations/actions and if the collateralization is not correct, it is as if the prior actions/operations never happened and the transaction reverts."
1/* SPDX-License-Identifier: UNLICENSED */
2pragma solidity =0.6.10;
3
4import {ERC20Upgradeable} from "../packages/oz/upgradeability/ERC20Upgradeable.sol";
5import {ERC20PermitUpgradeable} from "../packages/oz/upgradeability/erc20-permit/ERC20PermitUpgradeable.sol";
6import {Strings} from "../packages/oz/Strings.sol";
7import {BokkyPooBahsDateTimeLibrary} from "../packages/BokkyPooBahsDateTimeLibrary.sol";
8import {AddressBookInterface} from "../interfaces/AddressBookInterface.sol";
9
10/**
11 * @title Otoken
12 * @author Opyn Team
13 * @notice Otoken is the ERC20 token for an option
14 * @dev The Otoken inherits ERC20Upgradeable because we need to use the init instead of constructor
15 */
16contract Otoken is ERC20PermitUpgradeable {
17 /// @notice address of the Controller module
18 address public controller;
19
20 /// @notice asset that the option references
21 address public underlyingAsset;
22
23 /// @notice asset that the strike price is denominated in
24 address public strikeAsset;
25
26 /// @notice asset that is held as collateral against short/written options
27 address public collateralAsset;
28
29 /// @notice strike price with decimals = 8
30 uint256 public strikePrice;
31
32 /// @notice expiration timestamp of the option, represented as a unix timestamp
33 uint256 public expiryTimestamp;
34
35 /// @notice True if a put option, False if a call option
36 bool public isPut;
37
38 uint256 private constant STRIKE_PRICE_SCALE = 1e8;
39 uint256 private constant STRIKE_PRICE_DIGITS = 8;
40
41 /**
42 * @notice initialize the oToken
43 * @param _addressBook addressbook module
44 * @param _underlyingAsset asset that the option references
45 * @param _strikeAsset asset that the strike price is denominated in
46 * @param _collateralAsset asset that is held as collateral against short/written options
47 * @param _strikePrice strike price with decimals = 8
48 * @param _expiryTimestamp expiration timestamp of the option, represented as a unix timestamp
49 * @param _isPut True if a put option, False if a call option
50 */
51 function init(
52 address _addressBook,
53 address _underlyingAsset,
54 address _strikeAsset,
55 address _collateralAsset,
56 uint256 _strikePrice,
57 uint256 _expiryTimestamp,
58 bool _isPut
59 ) external initializer {
60 controller = AddressBookInterface(_addressBook).getController();
61 underlyingAsset = _underlyingAsset;
62 strikeAsset = _strikeAsset;
63 collateralAsset = _collateralAsset;
64 strikePrice = _strikePrice;
65 expiryTimestamp = _expiryTimestamp;
66 isPut = _isPut;
67 (string memory tokenName, string memory tokenSymbol) = _getNameAndSymbol();
68 __ERC20_init_unchained(tokenName, tokenSymbol);
69 __ERC20Permit_init(tokenName);
70 _setupDecimals(8);
71 }
72
73 function getOtokenDetails()
74 external
75 view
76 returns (
77 address,
78 address,
79 address,
80 uint256,
81 uint256,
82 bool
83 )
84 {
85 return (collateralAsset, underlyingAsset, strikeAsset, strikePrice, expiryTimestamp, isPut);
86 }
87
88 /**
89 * @notice mint oToken for an account
90 * @dev Controller only method where access control is taken care of by _beforeTokenTransfer hook
91 * @param account account to mint token to
92 * @param amount amount to mint
93 */
94 function mintOtoken(address account, uint256 amount) external {
95 require(msg.sender == controller, "Otoken: Only Controller can mint Otokens");
96 _mint(account, amount);
97 }
98
99 /**
100 * @notice burn oToken from an account.
101 * @dev Controller only method where access control is taken care of by _beforeTokenTransfer hook
102 * @param account account to burn token from
103 * @param amount amount to burn
104 */
105 function burnOtoken(address account, uint256 amount) external {
106 require(msg.sender == controller, "Otoken: Only Controller can burn Otokens");
107 _burn(account, amount);
108 }
109
110 /**
111 * @notice generates the name and symbol for an option
112 * @dev this function uses a named return variable to avoid the stack-too-deep error
113 * @return tokenName (ex: ETHUSDC 05-September-2020 200 Put USDC Collateral)
114 * @return tokenSymbol (ex: oETHUSDC-05SEP20-200P)
115 */
116 function _getNameAndSymbol() internal view returns (string memory tokenName, string memory tokenSymbol) {
117 string memory underlying = ERC20Upgradeable(underlyingAsset).symbol();
118 string memory strike = ERC20Upgradeable(strikeAsset).symbol();
119 string memory collateral = ERC20Upgradeable(collateralAsset).symbol();
120 string memory displayStrikePrice = _getDisplayedStrikePrice(strikePrice);
121
122 // convert expiry to a readable string
123 (uint256 year, uint256 month, uint256 day) = BokkyPooBahsDateTimeLibrary.timestampToDate(expiryTimestamp);
124
125 // get option type string
126 (string memory typeSymbol, string memory typeFull) = _getOptionType(isPut);
127
128 //get option month string
129 (string memory monthSymbol, string memory monthFull) = _getMonth(month);
130
131 // concatenated name string: ETHUSDC 05-September-2020 200 Put USDC Collateral
132 tokenName = string(
133 abi.encodePacked(
134 underlying,
135 strike,
136 " ",
137 _uintTo2Chars(day),